Absolute Reports Fiscal 2017 First Quarter Results
DDS Revenues Increase 6%
VANCOUVER, Nov. 7, 2016 /CNW/ - Absolute® (TSX: ABT), the industry standard for persistent endpoint security and data risk management, today announced its financial results for the three months ended September 30, 2016. All dollar figures are unaudited and stated in U.S. dollars, unless otherwise indicated.
| USD Millions, except per share data |
Q1 |
|||
| F2017 |
F2016 |
Change |
||
| Revenue |
||||
| DDS Segment(1) |
$ 22.5 |
$ 21.3 |
6% |
|
| DDS recurring as % of DDS total |
98% |
98% |
||
| Total revenue |
$ 22.5 |
$ 24.0 |
(6%) |
|
| Adjusted EBITDA(2)(3) |
$ 1.9 |
$ 4.3 |
(56%) |
|
| As a percentage of revenue |
8% |
18% |
||
| Net (Loss) Income |
$ (0.8) |
1.0 |
(178%) |
|
| Per share (basic)(4) |
$ (0.02) |
$ 0.02 |
||
| Per share (diluted)(4) |
$ (0.02) |
$ 0.02 |
||
| Cash from operating activities(5) |
$ 1.9 |
$ 5.0 |
(62%) |
|
| Dividends paid |
$ 2.4 |
$ 2.4 |
2% |
|
| Per share (CAD)(4) |
$ 0.08 |
$ 0.07 |
14% |
|
| Cash, equivalents and investments |
$ 43.0 |
$ 83.7 |
||
| Total assets |
$ 101.7 |
$ 140.4 |
||
| Deferred revenue |
$ 135.2 |
$ 133.5 |
||
| Common shares outstanding |
39.0 |
44.3 |
||
| Total employees |
415 |
432 |
||
| (1) |
As a result of the divestiture of the Absolute Manage and Absolute Service business unit in Q2-F2016, the Data and Device Security operating segment solely comprises Absolute's ongoing operations. As a result, the analysis of the Company's operating performance in this press release will be primarily focused on the results from the Data and Device Security operating segment. This measure is specifically related to the Company's DDS operating segment. |
| (2) |
Throughout this document, "Adjusted EBITDA" is used as a profitability measure and "Billings" is used an indicator of future cash flows. Please refer to the "Non-IFRS Measures" and "Subscription Billings" sections of the Company's MD&A for further discussion on these measures. |
| (3) |
Adjusted EBITDA in Q1-F2016 included a $1.0 million contribution from the Absolute Manage and Absolute Service business unit. This business unit was disposed in Q2-F2016. |
| (4) |
Per share figures for Q1-F2017 reflect a reduced number of outstanding common shares following the Company's purchase of 6,250,000 common shares under a Substantial Issuer Bid completed in Q2-F2016, in addition to the retirement of 901,500 common shares under a Normal Course Issuer Bid that commenced in Q1-F2016. |
| (5) |
In Q1-F2017, cash from operating activities is net of $3.2 million of income tax payments and $0.8 million of reorganization-related payments. The comparable figures for Q1-F2016 were $0.9 million and $0.7 million, respectively. |
Q1-F2017 Overview
Key Financial Metrics
- Absolute Data and Device Security ("DDS") segment revenue of $22.5 million, representing a year-over-year increase of 6% compared to $21.3 million in Q1-F2016. Recurring revenue increased 6% year-over-year and represented 98% of Q1-F2017 revenue
- Absolute DDS Commercial annual contract value ("ACV") Base of $84.3 million increased sequentially by 2% and by 7% over the trailing four quarters
- Net ACV Retention from existing Absolute DDS customers was 100%, while incremental ACV from new DDS customers was $1.0 million, with corporate and healthcare customers representing approximately two-thirds of ACV from New Customers
- Adjusted EBITDA was $1.9 million, representing 8% of revenue
- DDS segment Billings were $19.7 million, representing a year-over-year increase of 1% compared to $19.5 million in Q1-F2016
- Cash from operating activities was $1.9 million, and was $5.9 million prior to payment of income taxes of $3.2 million and reorganization charges of $0.8 million
Technology and Products
- Announced new functionality that detects data at risk on endpoints associated with cloud storage applications. This new capability allows organizations to remotely secure data stored in the cloud and beyond the corporate network
- Delivered interoperability with the HPE Security ArcSight and the Splunk® Enterprise Security Information and Event Management ("SIEM") platforms
- Introduced Chromebook® web filtering for education customers
- Extended the Company's embedded footprint with Persistence® technology in the newly released Lenovo Tab3 10 Business tablet
Operations and Corporate
- Began R&D expansion in Vietnam including a new facility lease, new site manager, and a dedicated recruitment initiative to increase headcount in Vietnam by 50 people
- Implemented a normal course issuer bid to purchase up to 2,643,256 of Absolute's common shares until August 28, 2017
- Paid a quarterly dividend of CAD$0.08 per share on our common shares
"Driven by new customer wins, strong renewal rates and significant upgrades across some of our largest healthcare and education accounts, our commercial ACV base improved 2% during the quarter and revenue increased 6% year-over-year," said Geoff Haydon, Chief Executive Officer, Absolute. "It's clear that our value proposition is increasingly resonating with new customers and that our existing client base is willing to upgrade to access the new DDS features and capabilities we have introduced to date."
"Our R&D investment plan is on track, enabling us to accelerate our product strategy, which in combination with our strengthened go-to-market capabilities, will further enhance our competitive position in the information security market," continued Mr. Haydon. "We believe that the returns from these investments will be apparent over the second half of F2017 and into the next year as we pursue our growth and profitability objectives."
Q1-F2017 Financial Review
Revenue
Absolute DDS and Consumer revenue in Q1-F2017 was $22.5 million compared to $21.3 million in Q1-F2016, representing a 6% year-over-year increase. DDS segment revenue from recurring licenses was 98% in Q1-F2017 in line with Q1-F2016. Total revenue in Q1-F2017 was $22.5 million, representing a 6% decrease from total revenue of $24.0 million in Q1-F2016, with the decrease being entirely attributable to the divestiture of the Company's Endpoint and Service Management segment on October 5, 2015.
Annual Contract Value(1)
The Q1-F2017 DDS Commercial ACV Base of $84.3 million increased 2% over Q4-F2016 and 7% over the trailing four quarter period.
From a market vertical perspective, the combined corporate and healthcare DDS ACV Base increased by 1% in Q1-F2017 and increased by 10% over the trailing four quarter period. The combined education and government DDS ACV Base increased by 2% in Q1-F2017 and increased by 4% over the trailing four quarter period. At September 30, 2016, corporate and healthcare customers represented 47% of the DDS ACV Base and education and government customers represented 53%.
For North America, the DDS ACV Base increased 1% sequentially in Q1-F2017 and increased by 7% over the trailing four quarter period. Internationally, the DDS ACV Base increased 3% sequentially in Q1-F2017 and increased 5% over the trailing four quarter period. At September 30, 2016, North American customers accounted for 89% of the Company's DDS ACV Base and international customers accounted for the remaining 11%.
Net ACV Retention(1) from existing DDS commercial customers was 100% in Q1-F2017, and was 101% in the trailing four quarter period.
ACV from New Customers(1) was $1.0 million in Q1-F2017, approximately two-thirds of which was from corporate and healthcare customers.
Billings(4)
Absolute DDS and Consumer Billings were $19.7 million in Q1-F2017, representing a 1% increase compared to $19.5 million in Q1-F2016. The year-over-year change in Billings was impacted by a lower renewal base compared to the prior year period, while the weighted average contract term was relatively consistent with the prior year period, at 37 months in Q1-F2017 compared to 36 months in Q1-F2016.
Adjusted Operating Expenses(3)
Adjusted Operating Expenses for Q1-F2017 were $20.6 million, which represented an increase of 5% over $19.7 million in Q1-F2016. The year-over-year increase primarily reflected increased investment in research and development headcount and contractor costs, in line with the Company's F2017 investment plans.
Adjusted EBITDA(2) & Net Income
Absolute generated Adjusted EBITDA of $1.9 million, or 8% of revenue, in Q1-F2017 compared to $4.3 million, or 18% of revenue, in Q1-F2016. Adjusted EBITDA was impacted during the period by the increased investment in research and development, as well as the fact that Q1-F2016 included a $1.0 million Adjusted EBITDA contribution from the Absolute Manage and Absolute Service business unit.
The Company recorded a net loss of $0.8 million, or ($0.02) per basic share, in Q1-F2017, compared to net income of $1.0 million, or $0.02 per basic share, in Q1-F2016.
F2017 Corporate Outlook
The Company's outlook for F2017 is unchanged.
Revenue
The Company expects total revenue between $92.0 million and $94.6 million, representing 7% to 10% annual DDS segment revenue growth. Revenue is expected to grow at an accelerating rate through the year, driven by new customer acquisition, existing customer expansion and continuing sales productivity improvements.
Adjusted EBITDA
The Company expects Adjusted EBITDA margins ranging from 5% to 8%, reflecting relatively stable spending across most departments and increased investment in research and development.
Investment in research and development will accelerate product innovation, as well as the migration of all product offerings to Absolute's next-generation service platform. These investments will facilitate greater scalability and operating efficiency, support the rapid deployment of new services across Absolute's customer base and liberate resources currently required to support two platforms.
Cash from Operations
The Company expects cash from operations, prior to payments for income taxes and reorganization charges, as a percentage of revenue to be between 8% and 12%, reflecting a double-digit year-over-year increase in Billings.
Capital expenditures are expected to be between $3.9 million and $4.4 million, with the spending largely related to upgrades and expansion of the Company's hosted data centres, office expansion and ongoing hardware refresh cycles.
Quarterly Dividend
On October 20, 2016, Absolute declared a quarterly dividend of CAD$0.08 per share on the Company's common shares. The dividend is payable in cash on November 25, 2016 to shareholders of record at the close of business on November 4, 2016.
Quarterly Filings
Management's discussion and analysis ("MD&A") and consolidated financial statements and the notes thereto for the fiscal quarter ended September 30, 2016 can be obtained today from Absolute's corporate website at www.absolute.com. The documents will also be available at www.sedar.com.
Notice of Conference Call
Absolute will hold a conference call to discuss the Company's Q1-F2017 results on Monday, November 7, 2016 at 5:00 p.m. ET. All interested parties can join the call by dialing 647-427-7450, or 1-888-231-8191. Please dial-in 15 minutes prior to the call to secure a line. The conference call will be archived for replay until Monday, November 14, 2016 at midnight. To access the archived conference call, please dial 416-849-0833, or 1-855-859-2056 and enter the reservation code 4508154.
A live audio webcast of the conference call will be available at www.absolute.com and http://bit.ly/2ebd7Qg. Please connect at least 15 minutes prior to the conference call to ensure adequate time for any software download that may be required to join the webcast. An archived replay of the webcast will be available on the Company's website for 90 days.
Non-IFRS Measures and Definitions
Throughout this press release, the Company refers to a number of measures which the Company believes are meaningful in the assessment of the Company's performance. All these metrics are non-standard measures under International Financial Reporting Standards ("IFRS"), and are unlikely to be comparable to similarly titled measures reported by other companies. Readers are cautioned that the disclosure of these items is meant to add to, and not replace, the discussion of financial results or cash flows from operations as determined in accordance with IFRS. For a discussion of the purpose of these non-IFRS measures, please refer to the Company's September 30, 2016 MD&A on SEDAR at www.SEDAR.com.
These measures, as well as their method of calculation or reconciliation to IFRS measures, are as follows:
1) Commercial ACV Base, Net ACV Retention, and ACV from New Customers
As the majority of the Company's customer contracts are sold under multi-year term licenses, there is a significant lag between the timing of the Billing and the associated revenue recognition. As a result, the Company focuses on the aggregate annualized value of its subscriptions under contract, measured by Annual Contract Value ("ACV"), as an indicator of its future revenues.
Commercial ACV Base measures the amount of recurring annual revenue Absolute will receive from its commercial customers under contract at a point in time, and therefore is an indicator of the Company's future revenue streams. Net ACV Retention measures the percentage increase or decrease in the Commercial ACV Base at the end of a period for the customers that comprised the Commercial ACV Base at the beginning of the same period. This metric provides insight into the effectiveness of Absolute's customer retention and expansion functions. ACV from New Customers measures the addition to the Commercial ACV base from sales to new commercial DDS customers during the quarter.
We believe that increases in the amount of ACV from New Customers, and improvement in the Company's Net ACV Retention, will grow our Commercial ACV Base and, in turn, our future revenues.
2) Adjusted EBITDA
Management believes that analyzing operating results exclusive of significant non-cash items or items not controllable in the period provides a useful measure of the Company's performance. The term Adjusted EBITDA refers to earnings before deducting interest and investment gains (losses), income taxes, amortization of acquired intangible assets and property and equipment, foreign exchange gain or loss, share-based compensation, and restructuring and reorganization charges and post-retirement benefits. The items excluded in the determination of Adjusted EBITDA are share-based compensation, amortization of acquired intangibles, amortization of property and equipment, and restructuring and reorganization charges and certain post-retirement benefits.
3) Adjusted Operating Expenses
A number of significant non-cash or non-recurring expenses are reported in the Company's Cost of Revenue and Operating Expenses. Management believes that analyzing these expenses exclusive of these non-cash or non-recurring items provides a useful measure of the cash invested in the operations of its business. The items excluded in the determination of Adjusted Operating Expenses are share-based compensation, amortization of acquired intangible assets, amortization of property and equipment, and restructuring and reorganization charges and certain post-retirement benefits. For a description of the reasons these items are adjusted, please refer to the "Non-IFRS Measures" section of the September 30, 2016 MD&A.
4) Billings
See the "Non-IFRS Measures" section of the September 30, 2016 MD&A for a detailed discussion of why the Company believes Cash from Operating Activities is a meaningful performance metric, and the material impact that Billings has on this measure. Billings are included in deferred revenue (see Note 7 of the Notes to the Condensed Consolidated Financial Statements), and result from invoiced sales of the Company's products and services.
About Absolute
Absolute Software Corporation (TSX: ABT) is the industry standard in persistent endpoint security and data risk management solutions for computers, laptops, tablets and smartphones. Persistence® technology from Absolute provides organizations with visibility and control over all of their devices, regardless of user or location. If an Absolute client is removed from an endpoint, it will automatically reinstall so IT can secure each device and the sensitive data it contains. No other technology can do this. Persistence technology is embedded in the firmware of computers, netbooks, tablets and smartphones by global leaders, including Acer, ASUS, Dell, Fujitsu, HP, Lenovo, Microsoft, Panasonic, Samsung, and Toshiba, and the Company has reselling partnerships with these OEMs and others, including Apple. For more information about Absolute, visit www.absolute.com.
Forward-Looking Statements
This press release contains forward-looking statements and financial outlook that involve risks and uncertainties. These forward-looking statements and financial outlook relate to, among other things, the expected performance, functionality and availability of the Company's services and products, and other expectations, intentions and plans contained in this press release that are not historical facts. When used in this press release, the words "plan," "expect," "believe," and similar expressions generally identify forward-looking statements. These statements reflect the Company's current expectations. They are subject to a number of risks and uncertainties, including, but not limited to, changes in technology and general market conditions. In light of the many risks and uncertainties readers of the press release should understand that Absolute cannot assure them that the forward-looking statements and financial outlook contained in this press release will be realized. Furthermore, the forward-looking statements and financial outlook contained in this press release are made as at the date hereof and the Company does not undertake any obligation to update publicly or to revise any of the included forward-looking statements and financial outlook, whether as a result of new information, future events or otherwise, except as may be required by applicable securities laws.
©2016 Absolute Software Corporation. All rights reserved. Absolute and Persistence are registered trademarks of Absolute Software Corporation. For patent information, visit www.absolute.com/patents. The Toronto Stock Exchange has neither approved nor disapproved of the information contained in this news release.
| ABSOLUTE SOFTWARE CORPORATION |
||||
| Condensed Consolidated Statements of Financial Position |
||||
| (Expressed in United States dollars) (Unaudited) |
||||
| September 30, 2016 |
June 30, 2016 |
|||
| ASSETS |
||||
| CURRENT |
||||
| Cash and cash equivalents |
$ 18,463,121 |
$ 23,092,852 |
||
| Short-term investments |
13,686,687 |
11,637,085 |
||
| Trade and other receivables |
12,358,513 |
21,138,351 |
||
| Prepaid expenses and other |
2,810,270 |
2,379,234 |
||
| 47,318,591 |
58,247,522 |
|||
| INVESTMENTS |
10,818,051 |
12,821,302 |
||
| PROPERTY AND EQUIPMENT |
6,196,788 |
5,853,222 |
||
| DEFERRED INCOME TAX ASSETS |
22,472,391 |
22,353,391 |
||
| INTANGIBLE ASSETS AND GOODWILL |
14,919,562 |
15,382,262 |
||
| $ 101,725,383 |
$ 114,657,699 |
|||
| LIABILITIES |
||||
| CURRENT |
||||
| Trade and other payables |
$ 11,207,175 |
$ 13,942,922 |
||
| Income taxes payable |
155,779 |
5,990,927 |
||
| Accrued warranty |
490,000 |
460,000 |
||
| Deferred revenue – current |
70,830,587 |
72,464,399 |
||
| 82,683,541 |
92,858,248 |
|||
| DEFERRED REVENUE |
64,372,602 |
65,509,763 |
||
| 147,056,143 |
158,368,011 |
|||
| CONTINGENCIES |
||||
| SHAREHOLDERS' DEFICIENCY |
||||
| Share capital |
59,478,289 |
58,607,382 |
||
| Equity reserve |
37,462,972 |
36,732,175 |
||
| Deficit |
(142,272,021) |
(139,049,869) |
||
| (45,330,760) |
(43,710,312) |
|||
| $ 101,725,383 |
$ 114,657,699 |
|||
| ABSOLUTE SOFTWARE CORPORATION |
||||
| Condensed Consolidated Statements of Operations and Comprehensive Income |
||||
| Three months ended September 30, 2016 and 2015 |
||||
| (Expressed in United States dollars) (Unaudited) |
||||
| 2016 |
2015 |
|||
| REVENUE |
$ 22,484,864 |
$ 23,983,081 |
||
| COST OF REVENUE |
3,506,544 |
3,450,898 |
||
| GROSS MARGIN |
18,978,320 |
20,532,183 |
||
| OPERATING EXPENSES |
||||
| Sales and marketing |
11,358,589 |
11,792,277 |
||
| Research and development |
4,356,625 |
2,998,292 |
||
| General and administration |
2,960,637 |
2,811,870 |
||
| Share-based compensation |
997,551 |
1,044,870 |
||
| 19,673,402 |
18,647,309 |
|||
| OPERATING (LOSS) INCOME |
(695,082) |
1,884,874 |
||
| OTHER INCOME |
||||
| Interest income, net |
41,939 |
96,803 |
||
| Foreign exchange gain (loss) |
20,490 |
(77,348) |
||
| 62,429 |
19,455 |
|||
| NET (LOSS) INCOME BEFORE INCOME TAXES |
(632,653) |
1,904,329 |
||
| INCOME TAX EXPENSE |
(157,000) |
(890,000) |
||
| NET (LOSS) INCOME AND TOTAL COMPREHENSIVE (LOSS) INCOME |
$ (789,653) |
$ 1,014,329 |
||
| BASIC AND DILUTED (LOSS) INCOME PER SHARE |
$ (0.02) |
$ 0.02 |
||
| WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING, BASIC |
38,972,290 |
44,340,918 |
||
| ABSOLUTE SOFTWARE CORPORATION |
|||||
| Condensed Consolidated Statement of Changes in Shareholders' Deficiency |
|||||
| (Expressed in United States dollars) (Unaudited) |
|||||
| Share Capital |
|||||
| Number |
Amount |
Equity reserve |
Deficit |
Total |
|
| BALANCE, JUNE 30, 2015 |
44,862,344 |
$ 59,607,392 |
$ 35,322,483 |
$ (108,066,367) |
$ (13,136,492) |
| Shares issued on employee options exercised |
54,425 |
309,456 |
(112,079) |
- |
197,377 |
| Shares issued under Employee Share Purchase Plan |
67,411 |
359,596 |
- |
- |
359,596 |
| Shares repurchased and cancelled under the Normal Course Issuer Bid |
(678,700) |
(53,474) |
- |
(168,796) |
(222,270) |
| Shares committed to be repurchased under the Substantial Issuer Bid |
- |
(7,684,742) |
- |
(30,463,035) |
(38,147,777) |
| Share-based compensation |
- |
- |
885,719 |
- |
885,719 |
| Dividends paid |
- |
- |
- |
(2,376,782) |
(2,376,782) |
| Net income and total comprehensive income |
- |
- |
- |
1,014,329 |
1,014,329 |
| BALANCE, SEPTEMBER 30, 2015 |
44,305,480 |
$ 52,538,228 |
$ 36,096,123 |
$ (140,060,651) |
$ (51,426,300) |
| Shares issued on options exercised |
829,625 |
4,660,383 |
(1,639,905) |
- |
3,020,478 |
| Shares issued under Employee Share Purchase Plan |
58,450 |
262,284 |
- |
- |
262,284 |
| Shares issued under Phantom Share Unit plan |
160,552 |
1,516,167 |
(1,100,692) |
- |
415,475 |
| Shares repurchased and cancelled under the Normal Course Issuer Bid |
(222,800) |
(368,528) |
- |
(678,537) |
(1,047,065) |
| Shares committed to be repurchased under the Substantial Issuer Bid |
(6,250,000) |
(1,152) |
- |
(140,612) |
(141,764) |
| Share-based compensation |
- |
- |
3,376,649 |
- |
3,376,649 |
| Dividends paid |
- |
- |
- |
(6,884,422) |
(6,884,422) |
| Net income and total comprehensive income |
- |
- |
- |
8,714,353 |
8,714,353 |
| BALANCE, JUNE 30, 2016 |
38,881,307 |
$ 58,607,382 |
$ 36,732,175 |
$ (139,049,869) |
$ (43,710,312) |
| Shares issued on options exercised |
107,875 |
637,933 |
(224,390) |
- |
413,543 |
| Shares issued under Employee Share Purchase Plan |
42,126 |
190,610 |
- |
- |
190,610 |
| Shares issued under Phantom Share Unit Plan |
6,844 |
42,364 |
(42,364) |
- |
- |
| Share-based compensation |
- |
- |
997,551 |
- |
997,551 |
| Dividends paid |
- |
- |
- |
(2,432,499) |
(2,432,499) |
| Net loss and total comprehensive loss |
- |
- |
- |
(789,653) |
(789,653) |
| BALANCE, SEPTEMBER 30, 2016 |
39,038,152 |
$ 59,478,289 |
$ 37,462,972 |
$ (142,272,021) |
$ (45,330,760) |
| ABSOLUTE SOFTWARE CORPORATION |
|||||
| Condensed Consolidated Statements of Cash Flows |
|||||
| Three months ended September 30, 2016 and 2015 |
|||||
| (Expressed in United States dollars) (Unaudited) |
|||||
| 2016 |
2015 |
||||
| OPERATING ACTIVITIES |
|||||
| Net (loss) income |
$ (789,653) |
$ 1,014,329 |
|||
| Items not involving cash |
|||||
| Amortization of property and equipment |
682,448 |
526,103 |
|||
| Amortization of acquired intangible assets |
50,076 |
115,876 |
|||
| Amortization of intangible assets – contract costs and brand |
2,248,610 |
1,894,791 |
|||
| Share-based compensation |
997,551 |
885,719 |
|||
| Deferred income taxes |
(119,000) |
(537,000) |
|||
| Non-cash interest and amortization of investment premium |
(46,351) |
100,407 |
|||
| Change in non-cash working capital |
|||||
| Trade and other receivables |
8,779,838 |
8,423,933 |
|||
| Prepaid expenses and other |
(431,036) |
(32,773) |
|||
| Intangible assets – contract costs and brand additions |
(1,873,995) |
(2,608,077) |
|||
| Trade and other payables |
(1,666,307) |
(1,263,585) |
|||
| Income taxes payable |
(3,211,258) |
(914,592) |
|||
| Accrued warranty |
30,000 |
40,000 |
|||
| Deferred revenue |
(2,770,973) |
(2,666,125) |
|||
| CASH FROM OPERATING ACTIVITIES |
1,879,950 |
4,979,006 |
|||
| INVESTING ACTIVITIES |
|||||
| Purchase of property and equipment |
(2,041,166) |
(447,143) |
|||
| Income taxes paid on disposal of business unit |
(2,623,890) |
- |
|||
| CASH USED IN INVESTING ACTIVITIES |
(4,665,056) |
(447,143) |
|||
| FINANCING ACTIVITIES |
|||||
| Dividends paid |
(2,432,499) |
(2,376,782) |
|||
| Issuance of common shares |
522,022 |
382,371 |
|||
| Repurchase of common shares for cancellation |
- |
(4,349,266) |
|||
| CASH USED IN FINANCING ACTIVITIES |
(1,910,477) |
(6,343,677) |
|||
| FOREIGN EXCHANGE EFFECT ON CASH |
65,852 |
(160,903) |
|||
| DECREASE IN CASH AND CASH EQUIVALENTS |
(4,629,731) |
(1,972,717) |
|||
| CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD |
23,092,852 |
44,105,550 |
|||
| CASH AND CASH EQUIVALENTS, END OF PERIOD |
$ 18,463,121 |
$ 42,132,833 |
|||
SOURCE Absolute Software Corporation
Public Relations: Becky Obbema, Interprose, [email protected] or 1 408 778 2024; Investor Relations: Kristen Dickson, NATIONAL Equicom, [email protected] or 1 416 848 1429
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